FYI: Social Finance Inc. says it exists to help users take control of their finances. But the firm’s launch this month of two no-fee exchange-traded funds stands to hit some customers with unexpected taxes.
The San Francisco financial-technology firm last week launched two SoFi-branded ETFs that offer broad exposure to different slices of the U.S. stock market. Billed as the first zero-fee ETFs on the market, the SoFi Select 500 ETF and the SoFi Next 500 ETF debuted April 11 with a CNBC appearance by Anthony Noto, SoFi’s chief executive.
The funds, which invest in U.S. company stocks, mark SoFi’s first foray into the $3.9 trillion U.S. ETF market. The funds have since raised a combined $46 million, according to FactSet.
Regards,
Ted
https://www.wsj.com/articles/sofis-no-fee-etf-launch-saddles-some-customers-with-tax-bills-11555690808?mod=md_mf_news
